In many open-rich financially developed countries, the central bank (CB) plays an important role in the development of a sound and effective financial system in particular, and economic development and stabilization of the economy in general. In these countries, the governance of the CB is based on the three main principles of New Public Management (NPM) known as the three ‘pillars’, which incl...

Analyzing central bank communication during financial crises, we draw on a surprisingly informative parallel between management of natural disasters such as earthquakes on one hand, and the corresponding communication infrastructure and social interaction during financial turmoil, on the other. The role of social and emotional behavior thereof points to the importance of interpersonal comm...

A few days before the last meeting of the Federal Open Market Committee (FOMC), I noticed a wire service story about the upcoming meeting with the following headline: “It’s Not What They Do, It’s What They Say.” The story alluded to the fact that, with a 25-basis-point increase in the federal funds rate target at the FOMC meeting being widely anticipated, financial-market participants planned t...

this paper tries to survey the independence of central bank of iran and its relationship to inflation by using the data of 56 developing countries during 1990s. the results signifies that there are no significant relationship between inflation and the independence of central banks in these countries. in other words, according to the existing evidences, not all the developing countries with high...

Persistently high and rising oil prices have had a visible direct impact on consumer prices this year, and inflation is likely to remain significantly above 2% in the coming months. This is a worrisome development, but there is no strong indication as yet that medium-term inflationary pressures are building up in the euro area. In particular, wage growth appears to remain limited, in the contex...

The Series of Economic Policy Papers of the Central Bank of Chile presents views and analyses of the Chilean economy and the conduct of monetary policy prepared by Bank authorities. This series, aimed at the general public, disseminates and discusses topics that are relevant to the goals and operations of the Central Bank. The views expressed in this document are those of the staff team and are...

In this paper, I revisit an old question …rst studied by Rogo¤ (1984) –should central banks pursue objectives that di¤er systematically from social welfare? I investigate how the answer to this question is affected by the degree of transparency that characterizes monetary policy. When the policy regime is one of discretion and the central bank is opaque, changes in the policy interest rate have...

the frequent occurrence of currency crises in recent years brought the early warning literature back in the researchers spotlight. in recent years, concept of an early warning system (ews) developed that should be able to identify various costly events, such as currency crises, early enough for policy makers to reduce the costs. this study attempted by using iran's economy quarterly data d...